Petrol, Diesel prices in Port Blair

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Today82.4278.01NA
24 Nov82.4278.01NA
23 Nov82.4278.01NA
22 Nov82.4278.01NA
21 Nov82.4278.01NA
20 Nov82.4278.01NA
19 Nov82.4278.01NA
18 Nov82.4278.01NA

Note : there may be slight variations in prices across outlets within a city

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The increasing prices of petrol and diesel are having a severe impact on the logistics sector. In India, commodities reach different corners of the country via trucks, trains, and ships. So, almost every item is retailing at a higher price in the market. Petrol price in Port Blair is adding further to the input cost of businesses. As the situation is turning worse in the country, people are having a difficult time making ends meet. Therefore, it is necessary to keep an eye on changing fuel rates.

Petrol price in Port Blair

It is very much obvious that the intensely high petrol price in Port Blair will have a substantial impact on the everyday life of Indians. Petrol prices in Port Blair continue to fluctuate to the changing price of crude oil in the global market. Currently, the petrol price in Port Blair is ₹82.42.

Diesel price in Port Blair

At present diesel price in Port Blair is ₹78.01. The rate of diesel remains unchanged. Consumers must note that state taxes contribute a significant portion of the diesel price. India gets both direct and indirect impacts of rising fuel prices. Several factors influence the price of diesel and petrol in the Indian economy. India has to import more than 85% of its fuel. With the rise in the cost of crude oil globally import bills will increase. It is likely to increase the gap between exports. The rising price of crude oil has a direct impact on the GDP of the country.

Exchange rate of the rupee

The value of currencies like the rupee depends mostly on the condition of the currency market. As a result, it largely depends on the current money deficit. A high shortage means that the country has to sell Indian currency and purchase dollars for paying bills. This, in turn, reduces the worth of the rupee which is not suitable for the economy.

Growing inflation

Studies have found that a 10% increase in the rates of crude oil will cause around a 0.9% increase in the wholesale price index. It will also be back on the consumer price index with increasing crude oil rates. Therefore, inflation increases with the rise including oil prices. The Indian government and RBI trying different measures to control inflation. The agencies are trying hard to keep inflation under 6% threshold values. But when oil prices it can be very difficult.

The difference in government earnings from taxes and government expenditure is another major factor. If the center does not pass on the crude oil price hike then the expense of fuel will not increase. But in the end, someone has to take the hit. It will result in a fiscal deficit and is never good for the Indian economy.

Pressure on Forex reserve

India had substantial protection against any volatility in its payment balance due to the high Forex reserve. However recently the reserve has begun declining. Due to the rising price of crude oil. It is depleting the Forex reserve as RBI is selling dollars to control rupee depreciation.

With this rising price of crude oil in the global market inflation will increase. To keep a check on inflation RBI has to increase the interest rate. It will result in lower spending and reduce economic growth. Investors must keep an eye on the crude oil price as it impacts the type of economy. Some of the stocks are directly affected by crude oil prices.

Rising expenses of vehicle owners

The rising price of fuel is not only affecting those who own vehicles. But it also affects those that do not own one. Commodities like medicine and food are the most affected due to the rising price of fuel. There is no doubt that it is affecting the working class in their everyday lives.

In India, more than half of the retail selling price of diesel and petrol is taxes. Excise duty is over ₹20 per liter and value-added tax is close to ₹15 bringing the total to around ₹35. The price of fuel is not uniform throughout the country. It can vary due to several factors. The VAT charged by the state is not the same resulting in a wide variation of prices.

Conclusion

In our country, diesel and petrol prices get affected by a lot of factors. The actual price of diesel and petrol is much less than what people be at the pumps. For every leader of fuel, citizens have to pay excise duty, state taxes, transportation charges, and dealer commissions. There it is crucial to keep an on the regular increase and decrease in fuel price. The Park+ app and website serve as a convenient tool to check current and historical rates of fuel.

FAQs

What controls the cost of fuel?

As is known to everyone the price of diesel and petrol is largely influenced by the law of supply and demand. It is important to note that fuel prices cover the cost of acquiring and refining crude oil. The expense of marketing and distributing the fuel, and state taxes also include in the fuel price. Certain geopolitical events also have a major impact on the rates of fuel in the country.

Why is fuel price rising in India?

Oil marketing companies in the country are constantly hiking the prices of diesel and petrol. It is mostly because the price of crude oil in the global market is fluctuating. Also, the value of the Indian rupee against the dollar is falling. Since India has to import more than 85% of its fuel it is taking a toll on the government’s money reserve.

What is the impact of fuel prices on the Indian Economy?

The rising cost of fuel means that all types of commodities transported across the country will get more expensive. The rising cost of energy is a major factor in the inflation numbers. The poor and middle-class people have to pay more for all kinds of essential goods and services.